17 September 2012
while deducting b/f loss or depriciation whichever is less as per books of accounts loss or dep. should be taken in totality or in individually? for exa:
2010-11 2011-12 total loss 100 90 90(lower) dep 500 505 500(lower total 600 595 590
17 September 2012
Comparison should be made with the respective summed up figures ,meaning thereby 190 can be deducted as per the working given below:- Sum of the loss = 190 Sum of depreciation =1005 Least of the above = 190 Aniline Textiles pvt Ltd's case,27 SOT 152, may be referred to.
18 September 2012
Thanks Warrierji, you are correct.. deduction will be 190 and not 590. I thot it is given year wise but it is given nature of claim wise.
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